NMZ, Tax Free, 8.4% P.A.Covering SIRI
Posted on September 27, 2005 , filed under Stocks | Print This Post
I shorted 2000 shares of SIRI at $7.31 on September 13th. I covered 2000 shares of SIRI at $6.53 today.
My profit was $1548.39 or 11.86%.
I still see SIRI headed down to at least low 6′s before a recovery takes place. I covered my short position in SIRI in order to lock in gains to fund my purchase of additional CAL shares. I’m hoping CAL will drop to my price target of under $9 this week. CAL reached as low as 9.12 today.
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You must really be confident in CAL. I was wondering, how do you know that $9 is a good buy point? I mean, what kind of analysis is leading you to this conclusion? How do you know its not going to $5? I am no good at bottom fishing, myself. So I’m just trying to learn something.
Also, your portfolio value went from 28K to 128K in one week. Is that a misprint? If not.. WOW!
Keep up the good work. I am enjoying reading.
Well Jack, this is what RawGreed is all about. The price of CAL is heavily influenced by greed and speculation. Every little bit of news about the price of oil has caused a .50+ swing in the price of CAL. Just look at the daily range in prices for the stock. Unless oil takes a dramatic spike past $70, I don’t see CAL going below $8. If it does i’d buy more shares. Sorry I can’t really do a detailed analysis of this type of situation. I’ll post my analysis of the company though. If CAL were to drop to $5, you can expect other airlines, like AMR, American Airlines to drop in suit. This creates temporary buying opportunities for me due to the market overreacting to the price of oil.
My portfolio value isn’t a typo. I simply added an additional 100K the previous day to the account. I would like to have that kind of performance in the future. Thanks for the encouragement.
Best,
Andy
Andy,
Thanks for the explanations. I think I understand what you are saying. You just need a little decline in oil to get the shorts to start covering. I hope CAL does good for you.
[...] I shorted SIRI at $7.31 on September 13th, 2005 and covered my position at $6.53 on September 27th, 2005. If the stock does follow my prediction, I will short additional shares of the company. [...]